House price survey shows different rates of cost growth at opposite ends of the county.
The price of the average three-bed semi in Co Tipperary has risen 7.8% to €141,750 in the last year, according to the latest national survey carried out by Real Estate Alliance.
However, prices across the county remained static in the past three months, with the average property now taking six weeks to sell.
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of Quarter Two.
In Newport the average three-bed semi costs €145,000 (up 11.1% in a year) compared to €140,000 in Nenagh, which has grown by 16.7% in the past 12 months.
The average three-bed semi will cost €162,000 in Clonmel, up 2.2% on 2016, while in Roscrea the average house price is €120,000, a change of 2.1% annually.
“Market supply is still an issue and three-bed semi-detached properties are selling well if priced right,” said James Lee from REA John Lee in Newport.
“We are seeing no uplift in prices this quarter but there is more demand for detached family homes.”
“Availability of finance is still an issue and people are struggling to get money together. Uncertainty is starting affect the market with Brexit,” said John Stokes from REA Stokes & Quirke in Clonmel.
“There is a shortage of supply and the market for three-bed semis is holding very static whereas detached homes are moving,” said Eoin Dillon, REA Eoin Dillon, Nenagh.
The average semi-detached house nationally now costs €215,269, the Q2 REA Average House Price Survey has found – a rise of 2.5% on the Q1 figure of €209,944.
Overall, the average house price across the country has risen by 11.2% over the past 12 months – in contrast to the 4.5% increase registered to the full year to June 2016.
While new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.
“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.
“Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.
“Our agents are also reporting that both purchasers and three-bed semi vendors are looking for larger homes, which is having an adverse effect on the supply chain, with the result that time taken to sell is now four weeks on average in Dublin and the major cities, and as low as three in some parts of the capital.
The price of an average house in Dublin rose by 2.6% in the second quarter of this year with three-bed semis in the capital now taking as little as three weeks to sell.
The average three-bed semi-detached in Dublin city now costs €414,500, a rise of €10,000 (2.6%) over the last three months and an increase of 14.1% over the past year.
The commuter counties Louth, Meath, Kildare, Wicklow, Carlow and Laois continued to rebound after a relatively static end to 2016 and saw an increase of 2.6% in the quarter, with the average house now selling for €223,267.
Prices in the major cities of Cork, Galway, Limerick and Waterford rose by 1.9% in Q2 and 9% on the year, the survey found.
The biggest percentage increases over the past three months came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.
Prices here rose by an average of 2.8% over the quarter, with a three-bed semi now costing €138,183 on average – a rise of 12.3% over the past year.
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